unclenna: .....EJ just hit PP and EU remaining little to do that ...........but GU proving STRONG HEAD

EJ looks a good buy...based on your system, what do you think Chief?

unclenna: COME ON time waits for nobody.......SELL UCAD NOW 3:53AM ....16/07/2012...@ 1.01467....FIRST T.P = 1.01955 and 2nd T.P @ 1.02450......Let's see how it goes

ur tp looks like you meant buy?

ncpat:
yah that is what we need, request for any system here and get it free

i need unzipped mbfx system boss. cheers

dboy365:
ur tp looks like you meant buy?

sorry is buy. I hv modified it.

unclenna: COME ON time waits for nobody.......buy UCAD NOW 3:53AM ....16/07/2012...@ 1.01467....FIRST T.P = 1.01955 and 2nd T.P @ 1.02450......Let's see how it goes

sir, i'm seeing something different. thinking of going short at .0158 targeting .0070

unclenna: COME ON time waits for nobody.......buy UCAD NOW 3:53AM ....16/07/2012...@ 1.01467....FIRST T.P = 1.01955 and 2nd T.P @ 1.02450......Let's see how it goes

Please unclenna, but usdcad is too low on the mbfx chart, my opinion though.and
and the CSM shows both usd and cad are strong that means a range, i advice you keep out of the major pairs till the news releases or after the news releases

Am going offline dont forget today is the US core retail sales 1.30 pm today, we are gonna be there and we gonna rake those pips for the better

till then, the lord shower us with pips


please wake up the traders seems many of them are still sleeping

Happy new week to all the brothers in the house i hope we all had a blissfull weekend?

Yes i'm set to reveal yet another modification on the MBFX as promised last week.

However,please for those of us planning to buy USDCAD please be careful unless you want to do the hit and run thing cos i think the pair is still on the bearish side for now.... Just my opinion though.

Welcome....

BLESSED IS HE THAT LEARNS HOW TO FISH THAN KEEP BEGGING FOR A FISH....

Another secret to trading the MBFX to minimize loss and maximize profit on the 4hr TF following the update I posted here last week. As a result of the repainting green/red lines or the big3 (opportunity snatcher) I have come up with this second update. The only thing that renders the powerful timing indicator ineffective is the green/red lines or the big3.

As much as we are not praying for a lose in trading we know very well loosing is part of this business whether you accept it or not the difference is if you are loosing responsibly. With sound money management and good strategy we can loose but at the end of the day we will still come out profitable.

That is the aim of this post for the use of the mbfx system on the 4hrs TF.

I have found the timing indicator to be very reliable on the 4hrs TF according to the original owner of the system. I am about to show you rules that if followed can reduce your lose drastically. Also I have noted that if the big3 appears in a strong Support or Resistance and will want to repaint it usually repaints by less than 10 pips before going back to the desired direction and if you had used 2-3 pips above or below the swing high and swing low respectively it would’ve taken out your SL before coming back to your direction.

Note: I said most times, but if you carefully follow the rules below you will get out of the trade with maximum of 15-20 pips even before it gets to your stops.

e.g.… If you have $1000 as your equity and you are a trader that risk 5% per trade. With maximum SL of 60 pips using my update which I have noticed the SL most times is between 50pips. If you add 10pips away from the swing high or low that makes it 60 or 70 maximum. Now if we are taking 60pips as maximum SL with 5% risk, what will it look like?

Let’s do some calculation… 10 x 5% / 60pips sl= 0.8 lot size 0.8 x 60pips= $48 loss….. But with 20pips loss you will have > 0.8 x 20= $16 lose. So, won’t you be satisfied to loss $16 instead of $48? …. $16 of $1000 is just 1.5% loss of your equity.

Therefore, even if you have 4 open trades and loss all you’ve only lost 6% of your equity…. $1.5 loss x 4 trades=6%..... I hope you catch? Come to think of it, you can’t loose 4 trades at a go because all the trades won’t setup at the same time.

Now if you trade like this using my above modifications on the mbfx system you can be sure of 50% ROI per month…… let’s do some calculation of what $1000 will amount to in 1year with 50% ROI monthly.

Using 0.8 lot size on $1000 and targeting 200pips/pair in a month and trading 4 pairs, e.g. EU,EJ,CAD,AU,NZ these are my favorites because of their correlating behavior…. You might want to ask is 200pips/pair possible in a month?
Yes its very possible if you strictly follow my first update.

So, 0.8 x 200 x 4=$640….. $640 of $1000 is over 60% ROI…….. This is even more than 50%, if it continues this way your $1000 will be over $80,000 in 1yr.What if you can achieve even half of that amounting to over $40,000?

Is someone getting the picture now?

Now how do we reduce our loss to the barest minimum? This is done following the timing indicator on the 4hrs TF and the 21ema on the 1hr TF.

If the timing indicator gives a SELL signal and you switch to the 1hr TF and wait for a bearish candle to break and close below the 21ema before selling with reference to my 1st update.

If after you trigger a sell and it takes time to profit and perhaps begins to range, observe the timing indicator on the 4hrs TF if it gives a conflicting Buy signal……. What would this mean? It means the Red line or big3 (opportunity snatcher) is likely to repaint to breach the recent swing high or low thereby rendering the SELL signal invalid and hitting your SL.

So what do you do in this regard? Once the timing indicator gives a conflicting Buy signal on the 4hrs TF quickly switch back to the 1hr TF and wait to see if price will break and close above the 21ema again, if it does please close the sell trade accept the small loss of 15-20pips and wait for the next signal on the 4hrs TF..
This would’ve taken you out of a bad trade even before price gets to your SL and you won’t loose more than 20pips instead losing about 60pips.

I have studied the mbfx system and observed that when the green/red lines repaints (shifts) that’s the meaning of REPAINTING for the sake of the newbie’s. When it repaints the color will change to black if you look closely you will notice that.

Now lets use the 4hr and one 1hr pix below as an example. Taking a clue from the 4hr USDCHF chart of last week precisely on the Monday 9/07/12 at 04:00hrs..The timing indicator gave a Sell signal on that candle, if you will agree with me the Red line was there before it repainted and changed to black and even the big3 (opportunity snatcher) was also standing on that candle before it also shifted more than twice to its current position. You can confirm that from the SELL signals you see there.

However, without been told as a trader you would’ve seen that this pair was operating at the overbought region so you would’ve been expecting a Sell instead of a Buy signal….

So looking at the red mark points on the 1hr chart below you will notice 2 sell entry and 2 exit points with small losses… from the sell signal we had on the 4hrs TF we triggered a sell in the 1hr TF @ 0.9756 by 19:00hrs.

They came a conflicting buy signal the following day 10/07/12 @ 04:00hrs that rendered the sell trade invalid and so was exited at @ 0.977 by 05:00hrs in the 1hr TF with just -14pips loss instead of about 53pips stop loss if you add 10pips to the swing high with regards to the entry…

Another sell signal on the 4hrs TF was on Wednesday 11/07/12 at 08:00hrs...This trade was triggered @ 0.9788 by 11:00hrs also in the 1hr TF with the break of the 21ema

There was another conflicting buy signal the same day at 16:00hrs that rendered the sell trade invalid @ 0.9802 one hour later and was exited with -14pips loss also instead of about 37pips stop loss.

If you recall the trades were considered invalid because of the bull candles that breaks and closed above the 21ema again on the 1hr TF after a conflicting buy signal on the 4hr TF….. Hope it’s clear enough?

Personal, i think with the above observation the only indicator I will make use of in the mbfx is the timing indicator.

Besides this repainting problem does not occur all the time…..now even if it’s about to repaint you would’ve been out.

MASSIVE DEFENCE (money management) + 21ema + timing indicator + SnR levels + big3 indicator…..AM DONE!

I have taken time to study these hence if you take your time to go through these modifications you won’t go wrong.

Please lets together show this brokers we’ve come of age and the time for margin calls on our account is over…….lets give them a run for their money…..make we tell them say ‘’Naija no dey carry last’’.

May we keep harvesting the pips. ONE LUV!

Hi fellow nairalanders, i posted a request here and don't seem to have any response. Just want to give it a second try. Am a forex demo trader precisly fxopen for almost a year now and am thinking of trading real money. Haven discovered this thread i felt it's d rigth place to ask my troubling question hence, i want to know which broker is best for me as a beginner with ease of deposite n withdrawal. I.e brokers that are not scam, brokers with low spread,ease of deposite n withdrawal in less hours. I'll be so greatefull as u respond. I want to join in this profitable discussion with all, please i need answers. Thanks and i wish all more of pips as u trade.
Goodluck to you all.

EUR/USD INTRADAY: REBOUND.
Pivot: 1.2205.

Most Likely Scenario: LONG positions @ 1.2215 with 1.2265 & 1.2295 as next targets.

Alternative scenario: The downside breakout of 1.2205 will open the way to 1.2165 & 1.215.

Comment: The pair has broken above a MT declining trend line and remains on the upside.

GBP/USD INTRADAY: THE UPSIDE PREVAILS.
Pivot: 1.5535.

Most Likely Scenario: LONG positions @ 1.5545 with 1.559 & 1.562 as next targets.

Alternative scenario: The downside penetration of 1.5535 will call for a slide towards 1.55 & 1.5465.

Comment: The pair is on the upside and is challenging its previous high.

USD/JPY INTRADAY: UNDER PRESSURE.
Pivot: 79.40.

Most Likely Scenario: SHORT positions @ 79.35 with targets @ 79 & 78.85.

Alternative scenario: The upside penetration of 79.4 will call for 79.55 & 79.8.

Comment: The pair remains on the downside and is challenging its support.

AUD/USD INTRADAY: INTRADAY SUPPORT AROUND 1.018.
Pivot: 1.018

Most Likely Scenario: Long positions above 1.018 with targets @ 1.028 & 1.03 in extension.

Alternative scenario: Below 1.018 look for further downside with 1.014 & 1.0095 as targets.

Comment: The break above 1.018 is a positive signal that has opened a path to 1.028.

GOLD (SPOT) INTRADAY: BULLISH BIAS ABOVE 1578
Pivot: 1578.00

Most Likely Scenario: LONG positions above 1578 with targets @ 1598 & 1611.

Alternative scenario: The downside penetration of 1578 will call for a slide towards 1565 & 1554.

Comment: Intraday support around 1578

CRUDE OIL (AUG 12) INTRADAY: THE BIAS REMAINS BULLISH.
Pivot: 86.00

Most Likely Scenario: LONG positions above 86 with targets @ 88 & 88.75.

Alternative scenario: The downside penetration of 86 will call for 85.5 & 84.2.

Comment: Intraday support around 86

eu, ej and gold getting close to take the bulls on a ride while usdchf will toy with the bears.

USD/CHF intraday: under pressure.

Pivot: 0.99.
Our Preference: SHORT positions @ 0.9845 with 0.9785 & 0.976 as next targets.
Alternative scenario: The upside penetration of 0.985 will call for 0.9875 & 0.99.
Comment: the pair has broken below a bullish channel lower boundary and remains under pressure.

Please i need answers to my questions. Reading all this and not applying it does'nt make sence. Please can someone answer my question?.

SILVER (Spot) intraday: further upside.

Pivot: 27.05
Our Preference: LONG positions above 27.05 with 27.55 & 28.05 in sight.
Alternative scenario: The downside breakout of 27.05 will open the way to 26.75 & 26.45.
Comment: the RSI is mixed with a bullish bias.

@endfx, 0.8lot = 1pip = $8. The lot size is too much for $1000 account. That means 16pip lo$$ is 16 x 8$ = $128. This is over 10% of ur equity. The best lot size for $1k acct. in a std acc is 0.1. And max. Risk should be 50pips which is 5% of ur total equity.

tuazor: Hi fellow nairalanders, i posted a request here and don't seem to have any response. Just want to give it a second try. Am a forex demo trader precisly fxopen for almost a year now and am thinking of trading real money. Haven discovered this thread i felt it's d rigth place to ask my troubling question hence, i want to know which broker is best for me as a beginner with ease of deposite n withdrawal. I.e brokers that are not scam, brokers with low spread,ease of deposite n withdrawal in less hours. I'll be so greatefull as u respond. I want to join in this profitable discussion with all, please i need answers. Thanks and i wish all more of pips as u trade.
Goodluck to you all.

bro to achieve instant deposit and withdrawal you will need a broker that accepts liberty reserve. The best for you is instanta forex or whatever they call it. They are gud and some traders here do use it. Thanks.

tuazor: Hi fellow nairalanders, i posted a request here and don't seem to have any response. Just want to give it a second try. Am a forex demo trader precisly fxopen for almost a year now and am thinking of trading real money. Haven discovered this thread i felt it's d rigth place to ask my troubling question hence, i want to know which broker is best for me as a beginner with ease of deposite n withdrawal. I.e brokers that are not scam, brokers with low spread,ease of deposite n withdrawal in less hours. I'll be so greatefull as u respond. I want to join in this profitable discussion with all, please i need answers. Thanks and i wish all more of pips as u trade.
Goodluck to you all.

I go with unclenna's advice. Do instaforex and you will enjoy them. Instant funding and great withdrawal process.

unclenna: @endfx, 0.8lot = 1pip = $8. The lot size is too much for $1000 account. That means 16pip lo$$ is 16 x 8$ = $128. This is over 10% of ur equity. The best lot size for $1k acct. in a std acc is 0.1. And max. Risk should be 50pips which is 5% of ur total equity.

Yes i know but it all depends on the broker and account type you are using.... e.g.... with instaforex 0.8lot =1pip =$8cents while with some brokers its $8

Good morning.May the pips be with us all.Checked my usual pairs to see any set-ups.Also with the help of the CSM, I have placed two SHORT trades on the AJ, the price has broken the 1Hr Trendline and moving south.Also Aud is currently weak on the CSM.Placed them at 80.76 and 80.67 resp.
On the Gold/USD, well i just placed a Buy limit close to the PP line which is also a 50 % fib level, i see Gold going up today but market decides.
LONG Gold/USD @ 1579.49
Not trading the UC and EU cos i dont see any nice trade setup.

Take care Y'all...

Prepare for the worst

Another critical week confronts global financial markets, with a plethora of earnings reports due from America's corporate heavyweights and Fed Chairman Bernanke delivering his semi-annual testimony on the economy and monetary policy before the Senate Banking Committee later today. Although the Fed decided to extend Operation Twist last month, and declared that it was ready to "take further action as appropriate", Bernanke is likely to be confronted with some hostile questioning from members of the Committee on why the Fed has not done more. With just two weeks until the next FOMC meeting, Bernanke may pre-empt too much criticism by emphasizing that the Federal Reserve is ready to do what is necessary while also highlighting that America is being hobbled by Europe's financial crisis. Some of the weekend headlines in the financial press do not augur well for the coming week, with speculation intensifying that the American economy may already have lurched back into recession. The IMF is due to release its latest forecasts for global growth later today; no doubt its projections for growth will be revised downwards. Meanwhile, the marked slowing in the pace of growth in China is also attracting justifiable attention – the Shanghai Composite has fallen a further 1.4% overnight, a decline of more than 12% in just over two months. In forex markets, the dollar lost some ground both on Friday and again overnight. Some short-covering in the euro ahead of today's Bernanke speech saw the single currency run up to 1.2283 in Asia, although it has since dipped back to 1.2230. The yen remains well-bid, as does the pound, with EUR/GBP now near 0.7850.

unclenna: GU doing me gud...30pips and still counting....first TP will be 1.55222 and second take profit will be 1.54648...let's see how it goes

yes,same here too, doing me gulder, lol,
plz i need unzipped mbfx at amazeez at yahoo dot com

Based on the modified mbfx.... GU getting set to break and close below the 21ema on the 1hr TF for a SELL

Are we ready?